Saving through the decades part two: Thirties

Category:
Savings

Updated:
02/08/2013
First Published:
01/08/2013

MONEYFACTS ARCHIVE

This article was correct at the time of publication. It is now over 6 months
old so the content may be out of date.

As we leave our twenties behind our financial responsibilities tend to increase, with a large portion of our monthly income spent on bills, mortgage payments, pension contributions and paying back outstanding debts.

Saving money on a regular basis whilst dealing with outgoings can prove difficult, especially in the current economic climate; however, a number of savings accounts require small minimum investments in return for competitive rates and flexible access to funds.

Individual savings accounts, commonly known as ISAs, are a popular way to save. All UK adults are eligible to take advantage of an annual ISA allowance, which for the current tax year stands at £5,670.

The beauty of ISAs is that they allow you to save without any of the interest being taxed.

Nationwide Building Society's Easy Saver ISA (Issue 2) pays a very competitive variable rate of 2.00% AER in return for deposits of just £1. Funds can be withdrawn without giving the provider advance notice, which is ideal if you need regular short-term access to your savings.